EURUSD how to trade NFP?

FX:EURUSD   Euro / U.S. Dollar
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Have a look at my last EURUSD             update for context.


We are able to spot an impulse of lesser degree by means of a possible 5 waves higher. I like to see a consolidation up to NFP of more or less 50% of the current bullish move. The count in red is indicative and we have to wait and see how it unfolds in terms of confirmation.

If we see that happening I will be looking to trade the news by means of buying EURUSD             . This is not trading advise because it is very risky for me to explain how I trade major events by means of structure but if your strategy shows you a trade this is how I look at it. If price doesn't unfold the way I like it I let it go and wait for the next technical trade set-up.

I will elaborate more on Fundamentals and how to use them as a technical trader on my website.

Have a nice weekend and good trading all!


Comment: We see the start of the move lower after Non-Farm Payroll NFP data so I'll wait for the next technical set-up. In terms of fundamentals I'm looking for core data and the average earnings aren't looking good so that makes me wonder what the value of NFP data really is for now.Nevertheless in terms of trading, I like this move lower to settle in the shape of a consolidation before looking for a buy towards 1.11. Updates will follow.
Comment: Now we have the high volatile moves behind us caused by contradictory data out of the US, I like to see a consolidation in the beginning of next week.
The EURUSD is known for its corrections towards the 50% ratio of the previous move. Ideally we see a correction towards 1.095 zone before we see the next impulse higher.
I mentioned 1.11 before and we are able to see confluence in that area by means of daily 50% Fibonacci ratio as well as 50% Fibonacci ratio of the last leg lower.

Comment: We saw the reversal out of the projected zone for 1.11 which is still my preferred target. Like to see this target get hit before ECB press conference tomorrow. I placed my stop at break even.

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